Tuesday, September 21

Hong Kong’s ESR to buy real estate fund manager ARA Asset for $5.2 billion

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Hong Kong-based ESR Cayman Ltd will buy real estate fund manager ARA Asset Management Ltd in a deal valued at $5.2 billion, the companies said on Wednesday.

Following the deal, the combined entity will have $129 billion of assets under management, according to the companies. (https://bit.ly/3fvN4zx)

Citigroup Global Markets Singapore Pte Ltd was the lead financial adviser for ARA, while Morgan Stanley Asia was the financial adviser for ESR.

In April this year, logistics real estate manager ESR clinched another deal, in partnership with Singapore’s GIC, to buy some Australian assets from Blackstone Group Inc for A$3.8 billion ($2.8 billion). (Reporting by Niket Nishant in Bengaluru)